Student accommodation provider Unite has raised £300m overnight to support growth of its development pipeline.
The developer will use the funds for three new sites under offer at a total development cost of £250m.
It has completed a share placing at a price of 871p, representing a discount of 3.1% to its closing price yesterday of 897.5p.
Unite has a secured pipeline of 5,191 beds by 2024.
Chief executive Richard Smith said: “The proceeds will be used to accelerate growth opportunities in London and prime provincial markets where we see continued strong demand for the high-quality, affordable accommodation we provide.”
JP Morgan Cazenove and Numis acted as joint bookrunners.
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